MOL and China Cosco Shipping to be co-owners of four LNG tankers

MOL has announced that China COSCO Shipping will participate in the subsidiary of its property that will own four LNG tankers providing services to the Russia Yamal LNG project.

Total ownership will be divided equally between MOL and China COSCO Shipping.

It should be noted that MOL has already signed long-term charter contracts for the four ships through its subsidiary.

This is the fourth joint LNG project involving MOL and China COSCO Shipping, which gives services ExxonMobil (a total of four ships were delivered from 2015 to 2016); another for Sinopec (six ships will be delivered from 2016 to 2018) and the Ice Class LNG for the Yamal LNG project (three tankers that will be delivered between 2018 and 2019).

The total number of vessels co-owned by MOL and China COSCO Shipping will increase to 17 by 2020 when all, including those of the last project, are in service.

The popularity of LNG as a clean and environmentally friendly fuel continues to increase in parallel with the awareness of the need to protect the global environment. In addition, it is estimated that the demand for LNG transport is about to grow sharply.

MOL said it continues to adopt a proactive position to effectively meet the global needs of customers and provide high quality LNG transport services, taking advantage of the experience and accumulated knowledge as one of the main owners and managers of LNG ships in the world.